Havasu Housing Market

[Cat Daddy]

It's darkest just before the light...
Hopefully it isn't going to get much darker.
It might be time to to start buying.
Any more thoughts?

[havasumimi]

It's darkest just before the light...
Hopefully it isn't going to get much darker.
It might be time to to start buying.
Any more thoughts?
Yep! It may only be temporary but it has picked up in Havasu the last few weeks. Prices are still low and there is still plenty of homes to pick from! We just received the projected second home market update from NAR and it seems, second homes are still going strong - contrary to everything we had been hearing and with more and more baby boomers retiring and looking for warmer climate, we are expected to see more and more of a turn around.
We will see.....

[HocusPocus]

Yep! It may only be temporary but it has picked up in Havasu the last few weeks. Prices are still low and there is still plenty of homes to pick from! We just received the projected second home market update from NAR and it seems, second homes are still going strong - contrary to everything we had been hearing and with more and more baby boomers retiring and looking for warmer climate, we are expected to see more and more of a turn around.
We will see.....
I am a home owner in Cali ( 10 years) and Havasu (18 years) and would like to see the housing market at least stabilize but i wouldn't put any credence to anything the NAR has to say. There hasn't been too many things they have been right about and I wouldn't consider them and objective source on the housing market, more like a cheerleader.
I agree home prices have dropped especially on existing homes and it may be a great time to buy, the problem is going to be getting financing, lenders seem to be holding on to the money pretty tight.
With foreclosures setting record highs and home sells setting record lows each month i don't think anyone can predict when it will hit bottom, for now its a waiting game to see what will happen next. Lets just hope this happens soon and the borrowers/lenders learn from their mistakes so we don't run into the same situation again 10 years from now.

[TCHB]

1. Prices down next 12 months
2 . Market turns
3. Baby Boomers and people wanting a change from the city will move to Havasu.
4. Prices will increase by 25 percent in the next 24 to 36 months from today lows

[INSman]

1. Prices down next 12 months
2 . Market turns
3. Baby Boomers and people wanting a change from the city will move to Havasu.
4. Prices will increase by 25 percent in the next 24 to 36 months from today lows
Pretty safe bet and I may just find myself in the number 3 category above in about 5 years to help the cause.

[beernut]

looks to me with the secondary lenders going belly-up and the primarys wanting 20% down, full doc, no stated income loans,its going to be harder for anyone to qual. and that means more inventory, when sellers need to sell ,the price will come down, i dont see a turn-around until the lenders can play again, and thats going to be awhile,...we listed a home to late in the game and had to drop the price $80k just to get some action, just my .02

[Not So Fast]

We found out the house across the street is in foreclosure so we tried to look it up, never found it but one website had what looked like over 500 foreclosures here in Havasu:jawdrop: Can that figure be correct??:idea: My neighbor has had his house listed for over 2 years and dropped the price from $535K to $450K and not even a lowball offer, hell, nobody even looks anymore!! It's gonna get worse IMO. NSF

[bigq]

We found out the house across the street is in foreclosure so we tried to look it up, never found it but one website had what looked like over 500 foreclosures here in Havasu:jawdrop: Can that figure be correct??:idea: My neighbor has had his house listed for over 2 years and dropped the price from $535K to $450K and not even a lowball offer, hell, nobody even looks anymore!! It's gonna get worse IMO. NSF
That seems like a lot to me
I know one thing, the price of land sure has dropped for R1:jawdrop:

[havasumimi]

That seems like a lot to me
I know one thing, the price of land sure has dropped for R1:jawdrop:
Yep, that is number is not right (500).... not yet anyway! We have one of the larger REO agents in our office and he has about 30 forclosures right now. There are probably less than 75 real forclosures at this point listed in Havasu. What happens is certain websites (not naming names) promote as being "forclosure list sites", they contract with companies to supply them with all homes that have received late notices that have been filed with the county as a "pending forclosure" - the majority of those home owners get their homes current and never go to forclosure so it's a lot of bogus information. Once they are really forclosed on, they list with an REO agent and it's in mls open to all of us.
You are so right about the R1 lots. It took them awhile but, they have come down!

[EAZYKILLER2006]

We found out the house across the street is in foreclosure so we tried to look it up, never found it but one website had what looked like over 500 foreclosures here in Havasu:jawdrop: Can that figure be correct??:idea: My neighbor has had his house listed for over 2 years and dropped the price from $535K to $450K and not even a lowball offer, hell, nobody even looks anymore!! It's gonna get worse IMO. NSF
I THINK YOU ARE RIGHT...
guess we will wait and see